By Chidi Ugwu
Amid growing misinformation, the Central Bank of Nigeria (CBN) has again clarified that the old N1000, N500, and N200 banknotes, are still valid.
The clarification is contained in a statement signed by Mrs. Sidi Ali, Hakama Acting Director, Corporate Communications, and made available to newsmen in Abuja on Friday.
According to the CBN, a Supreme Court ruling from November 29, 2023, allows these notes to remain in circulation indefinitely.
The bank emphasized that all versions of these denominations are valid and legal tender without any expiration date.
CBN urged the public to disregard claims that the old notes would become invalid by December 31, 2024, stressing that citizens are encouraged to accept both old and redesigned notes in transactions and to explore electronic payment options to ease cash usage.
The statement reads: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the &1000, 88500, and 8200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash”.
